Oil firms roll back diesel, kerosene prices

MANILA, Philippines - After three weeks of fuel price hikes, oil companies implemented price cuts on diesel and kerosene products, but there was no adjustment on gasoline prices.

In an advisory, Pilipinas Shell Petroleum Corp. said diesel prices would be reduced by 50 centavos per liter and kerosene by 35 centavos per liter starting 6 a.m. today.

Petron Corp. also implemented a similar price adjustment on diesel and kerosene products effective 12:01 a.m., reflecting movements of prices in the international oil market.

SeaOil Philippines Inc. announced in a separate text advisory a rollback of 50 centavos per liter on diesel and 35 centavos per liter on kerosene effective 6 a.m.

Flying V announced in another text advisory that the firm will implement similar price adjustments starting 12:01 a.m.

Meanwhile, Eastern Petroleum, Phoenix Petroleum Philippines and PTT Philippines announced price cuts of 50 centavos per liter for diesel products effective 6 a.m.

UniOil Philippines, on the other hand, said it would decrease the price of EuroDiesel IV product by 50 centavos per liter starting 6:01 a.m.

For most of the trading days last week, global oil prices dropped on oversupply worries arising from an increase in US crude inventory.